Youth Savings Accounts

Savings Accounts for Your Children

YouthSavingsAccounts.com is dedicated to helping you search for banks that are offering savings accounts for your children. Parents, how many children do you have? What types of lessons are you trying to instill in them while they are still young that will help them to have a productive and fruitful life? Does one of the lessons that you are trying to teach them have anything to do with mastering their finances? Do any of the lessons that you are trying to teach them involve savings accounts?

Do you talk with them about the benefits of a savings account? Do you stress to them that when they start making money, they should make saving some of that money a priority? Do you explain to them how important it is to have a savings account of some type and how putting money into that savings account on a regular basis can help them to be prepared for many of life’s emergencies as well as their retirement? Well, if you aren’t you should be.

Children are like sponges and they look their parents for guidance. Anything that you do, they will imitate. If you swear they will too, if you have a funny laugh, they may try to imitate that laugh. If you explain to them the importance of savings accounts, they will take that to heart. Oftentimes, parents wait until their child’s teenage years before they begin to teach them important lessons. What parents fail to understand is that during the adolescent years, kids become rebellious and aren’t really interested in doing what their parents say. The ideal time to positively influence your children is when they are young and open to your advice and guidance.

How many of you parents wish that your parents had spent more time with you when you were growing up, discussing the importance of bank accounts and the importance of saving and growing your savings accounts? How many of you wish that your parents had sat down with you and discussed the pitfalls of overextending your credit cards? How many of you wish that you parents had discussed money market accounts and IRA accounts with you. How many of you wish that your parents had explained what CDs are or high yield savings and checking accounts. How many of you wish that they had taught you the value of not just paying your bills, but paying yourself and rewarding yourself, by putting a portion of every check towards yourself in a savings account.

Search for Savings Accounts for your Kids

Many of you might say that your parents were poor and they didn’t make enough money to understand or know what all of these financial banking plans were or how to explain them. Be that as it may, don’t you wish someone enlightened you on some of these financial vehicles? Don’t you wish that someone had given you a heads up that might give you a bit of a financial advantage in life? Don’t you wish someone had given you shares of stock in a publicly traded company for your birthday instead of an ugly useless sweater that you probably threw in the closet, never to see daylight again? Don’t you wish that someone gave you a book on investing and savings at an early age to get you excited about these types of things?

Well, a lot of parents are trying to give every advantage to their children knowing that the future is only going to be more competitive. Your child is going to need every advantage that they can get going forward. If you truly want to help your child get the best advantage in life, teach them about money! How do you teach them about money? You can do that by helping them to open a youth savings account. Youth savings accounts, also known as custodial savings accounts, as well as, children’s savings accounts are a great means for your child to learn about banking and money.

At a young age, a youth savings account can teach your child the benefits of a owning an operating their own savings and checking account. Did you know that Warren Buffet, who is currently one of the richest persons in the world and whose advice on investment in widely sought after, bought his first shares of stock at the age of 11 years old? Do you know that Warren Buffet filed his first tax return by the age of 13? What things were you doing at those ages? Don’t you wish someone had done something to spark your interest in finance and banking and investments at an early age?

Savings accounts for children are not a new concept. You probably have seen commercials from insurance companies advocating insurance plan for a small amount per month, which they can draw from later in life. Although not exactly the same thing, the concept is very similar. But why would you want to buy insurance for your 2 year old as a savings account for when they grow up, when you can open a youth savings account for them. You can get them a checkbook and many banks are offering online banking for your children to be able to see their statements and watch their money in action.

Most every adult that you come across and probably including yourself complains about the poor state of their finances. They complain about how much in debt they are and how little savings they have. They complain about their bills and many complain about how they let their spending get out of hand and put them into tremendous debt. If you ask any of these people, you will most likely find that none of their parents educated them about bank accounts or savings accounts when they were young. You will probably find that all their parents did was to talk about how difficult making money truly is. If you are a child growing up and no one gives you any guidance in what will be one of the most important parts of your life…your money, surely you are bound for some type of disaster later on in life.

With a youth savings account, custodial savings account,  you can teach your children about money at a very young age. Children will not have access to the funds in the account without your permission until they are of age. However, as a parent, you can link your youth savings account to your own account and have money transferred or wired into your child’s savings account. You can get online with them and show that how it works, so they become interested in doing things that will make their money grow.

Your child can receive a monthly statement to see how things like interest can positively affect their savings. You can open a youth savings account for your children with no minimum deposit and no monthly maintenance fees at almost any banking institution. One such bank with an online banking account for kids is ING Direct. ING Direct recently introduced Orange 4 Kids. It is an online savings account for kids with no fees, no minimums and it pays interest on deposited funds as well.

Forget about getting your child a coin jar or a piggy bank; give them the advantage that will give them the edge in life. Help them to learn about savings accounts and give them to tools to get them excited about the process of savings. Children learn more from experiencing something that being lectured on something. Let them see and feel the excitement of watch our banking system in action and there is no better way to do this than by helping them to open a children’s savings account. If you had it to do over again, would you ask your parents to educate your on money at an early age? Do let your children grow up to make the same mistakes that you made. Help them have the advantage you never did.